This is about 2% of the company’s workforce and after the Netflix share has fallen by 70% since the beginning of the year
International streaming giant Netflix has announced it has laid off about 150 employees, most of them in the U.S. In the background: The company reported losing 200,000 customers in the first quarter of 2022 – for the first time in a decade, while the company’s stock has lost 70% since the beginning of the year.
However, this is a relatively limited layoff, with the layoffs making up only about 2% of all Netflix employees.
The company argued that “these changes are driven by business needs and less concerned with employee performance, making them particularly difficult because none of us wanted to part with such good co-workers. We work to support them during this difficult change.”
According to the company, the reasons for the weak results in the last quarter were the inflation that is raging in the US and many other countries in the world, the war between Russia and Ukraine and the tough competition against it is facing the developing market.